Monday January 16th

16-01-2017

European stocks were lower on Monday as US markets are closed

European stocks were lower on Monday as investors await more detail on the U.K.'s Brexit plan and the inauguration of President-elect Donald Trump in the U.S. later this week. The pan-European Stoxx 600 was 0.67 percent lower with most sectors trading red. The broader Nikkei Stock Average was off 1 percent or 192 points at 19,095.2 as the yen strengthened, with major export stocks under pressure. Chinese markets also came under heavy pressure. The Shanghai composite slid 0.32 percent or 1 points to close at 3,102.7 but the Shenzhen fell 3.62 percent or 69.6 points to close at 1,851.4. Hong Kong's Hang Seng index declined 0.85 percent by mid-afternoon. Oil prices slipped on Monday, pressured by doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year. Benchmark Brent crude oil was down 10 cents a barrel at $55.35 by 0915 GMT and U.S. light crude fell 10 cents to $52.27. Gold rose on Monday, buoyed by safe-haven demand due to uncertainty over U.S. policy ahead of President-elect Donald Trump's inauguration and amid concerns over Britain's exit from the European Union. Spot gold had risen 0.5 percent to $1,203.15 per ounce by 0548 GMT. U.S. gold futures were up 0.6 percent at $1,203.40 per ounce.